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Inflation spikes to 28.3pc in January

10:27 PM | 1 Feb, 2024
Inflation spikes to 28.3pc in January

KARACHI – The Pakistan Bureau of Statistics (PBS) released data on Thursday revealing a significant spike in inflation, with the Consumer Price Index (CPI) surging by 28.3 percent year-on-year in January.

According to the PBS, January saw a 1.83 percent increase in monthly inflation compared to the previous month.

Mohammed Sohail, CEO of Karachi-based brokerage firm Topline Securities, attributed the higher-than-expected inflation in January to elevated energy prices and food inflation. He noted that this was among the reasons cited by the central bank for maintaining current interest rates.

Earlier this week, the State Bank of Pakistan (SBP) opted to keep its key rate steady at 22 percent for the fifth consecutive policy meeting.

The SBP governor justified this decision by citing "elevated" inflation, which stood at 29.7 percent in December. 

He attributed the increase in the bank's average inflation forecast for the fiscal year ending in June to 23-25 percent, up from the previous projection of 20-22 percent, to rising gas and electricity prices.

On a month-on-month basis, notable increases were observed in urban and rural areas:

Urban areas witnessed rises in food items such as chicken (31.44 percent), tomatoes (28.28 percent), onions (27.87 percent), eggs (17.22 percent), fresh vegetables (8.31 percent), pulse gram (7.63 percent), and fish (5.47 percent). Non-food items like communication services (15.68 percent), woolen readymade garments (6.84 percent), electricity charges (6.45 percent), liquified hydrocarbons (2.53 percent), and marriage hall charges (2.35 percent) also saw increases.

In rural areas, food items experiencing hikes included onions (31.01 percent), chicken (25.02 percent), tomatoes (24.12 percent), eggs (19.81 percent), fresh vegetables (8.08 percent), and pulse gram (6.56 percent). Non-food items like communication services (18.7 percent), electricity charges (6.45 percent), marriage hall charges (4.08 percent), woolen readymade garments (3.91 percent), and liquified hydrocarbons (3.57 percent) also saw rises.

Daily Pakistan Global Web Desk

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Pakistani rupee rate against US Dollar, Euro, Pound, Riyal - Check 20 April forex rates

Pakistani currency remains marginally same against US Dollar and other currencies on April 20, 2024. US dollar was being quoted at 277.5 for buying and 280.5 for selling.

Euro comes down to 293 for buying and 296 for selling while British Pound stands at 342.25 for buying, and 345.65 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal's new rates was at 73.30. 

Today’s currency exchange rates in Pakistan - 20 April 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.5 280.5
Euro EUR 293 296
UK Pound Sterling GBP 342.5 346
U.A.E Dirham AED 75.2 75.9
Saudi Riyal SAR 73.3 74.05
Australian Dollar AUD 181 182.8
Bahrain Dinar BHD 740.55 748.55
Canadian Dollar CAD 201 203
China Yuan CNY 38.47 38.87
Danish Krone DKK 39.78 40.18
Hong Kong Dollar HKD 35.53 35.88
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.86 1.94
Kuwaiti Dinar KWD 903.11 912.11
Malaysian Ringgit MYR 58.08 58.68
New Zealand Dollar NZD 164.22 166.22
Norwegians Krone NOK 25.61 25.91
Omani Riyal OMR 723.2 731.2
Qatari Riyal QAR 76.45 77.15
Singapore Dollar SGD 204.5 206.5
Swedish Korona SEK 25.31 25.61
Swiss Franc CHF 305.47 307.97
Thai Bhat THB 7.56 7.71

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